FxWirePro: Turkish lira erases previous loss against U.S. dollar, short term trend reversal likely

• USD/TRY is currently trading at 4.0810 levels.
   
• It made intraday high at 4.1174 and low at 4.0723 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 4.1606 levels. 
   
• Key resistances are seen at 4.1606, 4.1723, 4.1845, 4.1934 and 4.2224 levels respectively.
   
• A sustained close below 4.1060 will drag the parity down towards key supports around 4.0855, 4.0711, 4.0563, 4.0331, 4.0073, 3.9944 and 3.9845 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go long on USD/TRY around 4.0650, stop loss at 4.0073 and target of 4.1723.

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